SAN FRANCISCO, Aug. 30, 2019 (GLOBE NEWSWIRE) -- Adcore Inc. (ADCO:TSX.V), the developer of machine-learning powered advertising technologies, reported record second quarter financials, including an increase in revenue growth of 53% year over year.
Adcore uses artificial intelligence (AI) algorithms to automate online search and shopping advertising and is used by digital agencies and advertisers to enhance and maximize search engine marketing.
Company mentioned: Adcore Inc.
The second quarter was filled with several notable milestones:
- Completed in May a go-public transaction with County Capital One Ltd. and began trading on the TSX Venture Exchange under the symbol ADCO.
- Raised gross proceeds of CA$4 million as part of its go-public effort.
- Opened a Toronto office in July to complement its Tel Aviv headquarters and Melbourne, Australia, office. Adcore's Head of Sales relocated to the office to accelerate North American sales.
The company also announced two major contracts for online advertising, one with the Israeli Government Advertising Agency for CA$125 million over five years, and the second with Experience Oz, Australia and New Zealand's number one site for travel experiences, with an online advertising budget of up to CA$5 million per year.
Adcore reported the following financial highlights for the second quarter:
- Total revenue was CA$3.59 million compared to CA$2.35 million for the same period in 2018, an increase of 53%.
- Adjusted EBITDA was CA$1.08 million compared to Adjusted EBITDA of CA$0.87 million for the same period in 2018, an increase of 24%.
Continue reading this article: Q2 Earnings Soar for AI-Assisted Advertising Technology Firm
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